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Financial Act of 2013 (Unpassed)
Urgency: Paramount Drafted By: Royalsoldiers CFE Sponsors: Lemanrussland LD, Yanalia RG, Wolfmanne PC, Ceannairceach TR, Great Nepal CFE, Arglorand TR Recognizes that currently, the nation has no national bank to deposit and hold its monetary funds and its taxed currency from the citizenry. This represents a threat to the basic financial security of the nation. Points Out that it is necessary to have a central bank to issue currencies and pay off all national debts with taxed or earned government tender. The bank will also print and issue all monetary tender for the debts of individual citizens or groups. Acknowledges the possible issues and drawbacks to having a central bank for the entire nation. Also, the need to control the amount of printed money to control detrimental inflation to the country and its currency. Article 1-Establishes the base for the National Bank A-Establishes the National Bank. The bank shall print, mint, and distribute paper and coin currency to citizens. The Bank shall be separate from the jurisdiction of any ministry, established under the Ministry Foundation Act or other legislation. The President of the Bank shall be nominated and elected by the Senate by vote. This President of the Bank will oversee that the printing and minting of currency is kept in check to ensure economic security. B-Enumerates the responsibility of the National Bank to control the value of the currency ever vigilantly. It is extremely important to maintain the value of each paper and coin tender. This can also help with social conditions beyond just the economic climate for investors and everyday citizens. C-Establishes the Treasury. The Treasury will be led by the Treasurer who will oversee all Treasury activities. This man/woman shall compile a quarterly report for the President going over all economic sections and all upcoming and occurring economic events that could have an effect on the nation's monetary resources. The Treasury will hold all the monetary resources for the nation. They will also oversee the currency brought in via taxation. They will check that all taxes that were levied are brought in correctly and efficiently. The Treasury shall remain under the jurisdiction of the Ministry of Treasury and Finance. D-The President of the Bank is an elected official, nominated and elected by the Senate for the sole purpose of leading the National Bank in a positive direction and laying the groundwork for future economic growth. The President of the Bank shall make short-term decisions that do not have a long-term effect on the economy and the National Bank. Leaving long-term decisions to the discretion of the Senate. The President of the Bank can be removed at any time from his position by the Senate. Article 2-Responsibilities of the National Bank and Treasury A-The main role of the National Bank and Treasury is to oversee and watch over the monetary resources for the national and possibly local governments. They will ensure the protection and correct distribution of funds to pay off government expenses. The Treasurer will oversee that money is watched over correctly and the distribution is correct to the budget outlined by the national government. B-The National Bank will also print, mint, and distribute tender for the debts of the government, citizenry, and groups of the nation. This will pay off all monetary debts. The money must be distributed accordingly without corruption. The President of the Bank will ensure that the money that is necessary for the government is correctly wired to the Treasury. C-The National Bank due to its monetary printing and minting role, must be in charge of the control of inflation as the out-of-control inflation can create a dire economic situation that cannot be fixed in a short time period. The President of the Bank will ensure that the printing of money is in check and that the value of the currency is not decreasing at a rate detrimental to economic and national growth. Inflation can also be detrimental to social conditions as the wages will maintain their rate but the value will decrease making it harder to live a decent lifestyle. This will increase the amount of people living below the poverty line. D-It is important that the Treasury and National Bank pay off the nation's debts. The Treasurer and his staff will be in charge of ensuring that the debts of the nation are properly paid with legitimate monetary tender. The President of the Bank will monitor and set the debt ceiling to ensure that the nation does not compile so much debt that its basic responsibilities cannot be fulfilled. Article 3-The National Bank and Treasury's Role in Taxation A-The National Bank and Treasury will collect and levy taxes. The Bank and Treasury will oversee that all taxes are put into government accounts and that they are distributed to every agency, ministry, and department according to the national budget that will be outlined by the national government. B-To ensure that all taxes are collected effectively and correctly, the National Taxation Agency shall be created under the jurisdiction of the Treasury. The agency will ensure that no one evades taxes and that everyone pays the correct amount determined by the tax rates outlined in the National Tax Act. C-The National Tax Agency, or N.T.A., will have the ability to arrest and reprimand anyone alleged with the crimes of tax evasion or knowingly incorrectly filing taxes. The N.T.A. shall report to the Treasurer. This is to ensure the Treasurer knows of how much money should come in through that year's taxation. Article 4-The National Currency A-Creates a currency that can be used by all citizens, non-citizens, tourists, and the government to pay off all debts legally. The currency shall begin at the worth of 1 Currency Unit=.50 USD. This way less money is needed to be printed at first. It shall not be pegged to any currency or backed by an metals to prevent instability among the currency. B-The currency will be divisible into 100 sub-units. These sub-units should be minted and distributed by the National Bank in denominations of .05, .10, .25, and .50 sub-unit denominations. C-Larger denominations shall also be distributed but instead printed. They shall be printed under the seal of the nation and the signature of the Treasurer and President, stamps may be used to sign off the tender. D-The amount of currency being minted or printed must be limited to control the value of the currency at all times. The Senate will be able to control the path we take when it comes to the National Bank/Treasury via legislation. However, the President of the Bank will be in charge of the short-term financial path the National Bank shall take.